Page 7 - Fake Ruby CS

RBS

RBS was the sole secured creditor of Wrekin
Construction

Wrekin Construction, claimed it still had £1.5m of
its RBS overdraft, but it had been frozen by winding
up petitions, and the bank was unwilling to lend any

more to assuage its creditors. Moreover, the firm claimed it had signed two
contracts worth a total of £50 million on the day it had been taken into
administration.

On the back of this there was a huge amount of anger directed at RBS for taking
what appeared to be a successful company into administration and crushing a
perfectly good business with the loss of 530 jobs.

In Parliament, Prime Minister, Gordon Brown was asked about the closure of
Wrekin Construction and the role of RBS but failed to comment.

Comments

1 2

I find it incomprehensible that “I manage a company which was
Wrekin Construction is being allowed owed many thousands of pounds by
to cease trading with a full order book Wrekin construction we were
valued at £50M because of the promised payment each and every
absurdity of the Royal Bank of month for eight months and were lied
Scotland (RBS) decision not to to on many occasions by Wrekin
extend £2M of credit that would not management . We only received the
only secure the jobs at Wrekin money upon serving a winding up
Construction but also many more jobs order on wrekin. It is quite clear to
in both the supply chain and local me that this is not the fault of RBS
community. but the fault of the wrekin
If we equate the £2M request to the construction management I don’t
fact that this represents approximately blame RBS for not lending these
2.5 years of the former RBS people anymore.”
Chairman’s pension, then this only Comment by Bob — 13 Mar 2009 on 2:46 pm
serves to highlight the lunacy of the http//downingstreeysays.com/briefings/6332#comme
nts-10716
decision.
Comment by Leigh — 11 Mar 2009 on 2:46 pm
http//downingstreeysays.com/briefings/6332#comme
nts-10685